XML 23 R16.htm IDEA: XBRL DOCUMENT
v3.25.2

Warrants, Redeemable Convertible Preferred Stock and Stockholders' Deficit | 6 Months Ended
--- | ---
Jun. 30, 2025
Equity [Abstract] |
Warrants, Redeemable Convertible Preferred Stock and Stockholders' Deficit | 7. Warrants, Redeemable Convertible Preferred Stock and Stockholders’ Deficit Common Stock The Company has one class of authorized common stock and has authorized for issuance up to 500,000,000 shares of common stock with a par value of $0.000001 per share. The holders of common stock are entitled to receive dividends at the discretion of the board of directors, subject to preferences that may apply to shares of preferred stock outstanding at the time. All holders of common stock are entitled to one vote per share on all matters to be voted on by the Company’s stockholders. Upon liquidation, dissolution or winding up, the holders of common stock are entitled to share equally in all the Company’s assets remaining after payment of all liabilities and the liquidation preferences of any outstanding preferred stock. At June 30, 2025, the Company has reserved an aggregate of 16,131,116 shares of common stock for the conversion, exercise or issuance, as applicable, of certain securities. This amount includes 178,588 shares reserved for issuance upon the exercise of options not issued as of June 30, 2025 and 15,952,528 shares underlying the following outstanding securities:
Redeemable convertible preferred stock |  |  | 12,729,240 |
Preferred warrants |  |  | 4,883 |
Common warrants |  |  | 672,632 |
Restricted stock units |  |  | 185,243 |
Stock options |  |  | 2,360,530 |
Total shares |  |  | 15,952,528 |
Redeemable Convertible Preferred Stock During the six months ended June 30, 2025, the Company did no t issue any additional shares of Series G preferred stock. During the three and six months ended June 30, 2024, the Company issued 57,068,338 shares of Series G preferred stock with an original issuance price of $0.90 per share for cash proceeds of $51.5 million. The Company incurred costs of approximately $0.1 million associated with this transaction. All classes of preferred stock have a par value of $0.000001 per share. The Company’s preferred stock is recorded in the temporary equity section of the Company’s consolidated balance sheets. A general summary of the rights with respect to the preferred stock is provided below. All of the Company's preferred stock converted into common stock in connection with the IPO. See Note 12 - Subsequent Events for more detail. Dividends The holders of preferred stock, in preference to the holders of common stock, shall be entitled to receive on a pari passu basis, out of funds that are legally available, cash dividends at the rate of 8% of the applicable original issue price per annum on each outstanding share of preferred stock. All original issue prices are subject to adjustment for any stock dividends, combinations, splits, recapitalizations and similar events. Dividends are non-cumulative, and the Company has no obligation to pay dividends until declared by the Company’s board of directors. Through June 30, 2025, no dividends have been declared by the Company’s board of directors. Liquidation Preference Upon any liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary, before any distribution or payment shall be made to the holders of any common stock, the holders of preferred stock shall be entitled to be paid on a pari passu basis out of the assets of the Company legally available for distribution (or the consideration received by the Company or its stockholders in an acquisition) for each share of preferred stock held by them, an amount per share of preferred stock equal to the original issue price for such share of preferred stock plus all declared and unpaid dividends on such share of preferred stock. If upon liquidation, the assets of the Company are insufficient to make payment in full to all holders of preferred stock, then such assets shall be distributed among the holders of preferred stock at the time outstanding, ratably in proportion to the full amounts to which they would otherwise be respectively entitled. Conversion Each share of preferred stock shall be convertible at the option of the holder, at any time, into fully paid and nonassessable shares of common stock. The number of shares of common stock to which a holder of preferred stock shall be entitled upon conversion shall be the product obtained by multiplying the applicable “Series Preferred Conversion Rate”, by the number of shares of such preferred stock being converted, as defined in the Company’s latest amended and restated certificate of incorporation. The Series Preferred Conversion Rate is the quotient obtained by dividing the Original Issue Price of such series of Series Preferred by the applicable “Series Preferred Conversion Price”. The Series Preferred Conversion Price is generally the Original Issuance Price for all series of Series Seed, A, B, C, D and G preferred stock, subject to certain adjustments. Voting The holders of preferred stock shall vote together with the holders of common stock and not as a separate class and may act by written consent in the same manner as the holders of common stock. Each holder of preferred stock shall be entitled to the number of votes equal to the number of shares of common stock into which such shares of preferred stock could be converted immediately after the close of business on the record date fixed for such meeting or the effective date of such written consent and shall have voting rights and powers equal to the voting rights and powers of the holders of common stock and shall be entitled to notice of any stockholders’ meeting in accordance with the bylaws of the Company. Redemption The Company’s preferred stock is not generally redeemable except in situations set forth in the certificate of incorporation, including when more than fifty percent of the Company’s voting power is transferred, a triggering event is created that is outside the control of the Company, and a change in control of Company ownership. See the table below for a roll forward of the total preferred stock from January 1, 2024 to June 30, 2024 and January 1, 2025 to June 30, 2025, which details the total redeemable convertible preferred stock presented in the unaudited condensed conso lidated statements of changes in redeemable convertible preferred stock and stockholders’ deficit (in thousands, except share amounts):
| Series Seed Redeemable convertible preferred stock |  | Series A Redeemable convertible preferred stock |  | Series B Redeemable convertible preferred stock |  | Series C Redeemable convertible preferred stock |  | Series D Redeemable convertible preferred stock |  | Series E Redeemable convertible preferred stock |  | Series F Redeemable convertible preferred stock |  | Series F-1 Redeemable convertible preferred stock |  | Series G Redeemable convertible preferred stock
| Shares | Amount |  | Shares | Amount |  | Shares | Amount |  | Shares | Amount |  | Shares | Amount |  | Shares | Amount |  | Shares | Amount |  | Shares | Amount |  | Shares | Amount
Balance at March 31, 2024 | 5,045,368 | $2,473 |  | 8,255,614 | $5,179 |  | 18,894,315 | $10,827 |  | 42,890,840 | $24,908 |  | 39,656,811 | $33,411 |  | 29,019,153 | $29,738 |  | 74,840,147 | $132,975 |  | 23,664,027 | $49,392 |  | 43,820,509 | $39,207
Issuance of Series G preferred stock, net | — | — |  | — | — |  | — | — |  | — | — |  | — | — |  | — | — |  | — | — |  | — | — |  | 48,220,533 | 43,547
Balance at June 30, 2024 | 5,045,368 | $2,473 |  | 8,255,614 | $5,179 |  | 18,894,315 | $10,827 |  | 42,890,840 | $24,908 |  | 39,656,811 | $33,411 |  | 29,019,153 | $29,738 |  | 74,840,147 | $132,975 |  | 23,664,027 | $49,392 |  | 92,041,042 | $82,754
Balance at March 31, 2025 | 5,045,368 | $2,473 |  | 8,255,614 | $5,179 |  | 18,894,315 | $10,827 |  | 42,890,840 | $24,908 |  | 39,656,811 | $33,411 |  | 29,019,153 | $29,738 |  | 74,840,147 | $132,975 |  | 23,664,027 | $49,392 |  | 99,229,883 | $89,247
Balance at June 30, 2025 | 5,045,368 | $2,473 |  | 8,255,614 | $5,179 |  | 18,894,315 | $10,827 |  | 42,890,840 | $24,908 |  | 39,656,811 | $33,411 |  | 29,019,153 | $29,738 |  | 74,840,147 | $132,975 |  | 23,664,027 | $49,392 |  | 99,229,883 | $89,247
| Series Seed Redeemable convertible preferred stock |  | Series A Redeemable convertible preferred stock |  | Series B Redeemable convertible preferred stock |  | Series C Redeemable convertible preferred stock |  | Series D Redeemable convertible preferred stock |  | Series E Redeemable convertible preferred stock |  | Series F Redeemable convertible preferred stock |  | Series F-1 Redeemable convertible preferred stock |  | Series G Redeemable convertible preferred stock
| Shares | Amount |  | Shares | Amount |  | Shares | Amount |  | Shares | Amount |  | Shares | Amount |  | Shares | Amount |  | Shares | Amount |  | Shares | Amount |  | Shares | Amount
Balance at January 1, 2024 | 5,045,368 | $2,473 |  | 8,255,614 | $5,179 |  | 18,894,315 | $10,827 |  | 42,890,840 | $24,908 |  | 39,656,811 | $33,411 |  | 29,019,153 | $29,738 |  | 74,840,147 | $132,975 |  | 23,664,027 | $49,392 |  | 34,972,704 | $31,258
Issuance of Series G preferred stock, net | — | — |  | — | — |  | — | — |  | — | — |  | — | — |  | — | — |  | — | — |  | — | — |  | 57,068,338 | 51,496
Balance at June 30, 2024 | 5,045,368 | $2,473 |  | 8,255,614 | $5,179 |  | 18,894,315 | $10,827 |  | 42,890,840 | $24,908 |  | 39,656,811 | $33,411 |  | 29,019,153 | $29,738 |  | 74,840,147 | $132,975 |  | 23,664,027 | $49,392 |  | 92,041,042 | $82,754
Balance at January 1, 2025 | 5,045,368 | $2,473 |  | 8,255,614 | $5,179 |  | 18,894,315 | $10,827 |  | 42,890,840 | $24,908 |  | 39,656,811 | $33,411 |  | 29,019,153 | $29,738 |  | 74,840,147 | $132,975 |  | 23,664,027 | $49,392 |  | 99,229,883 | $89,247
Balance at June 30, 2025 | 5,045,368 | $2,473 |  | 8,255,614 | $5,179 |  | 18,894,315 | $10,827 |  | 42,890,840 | $24,908 |  | 39,656,811 | $33,411 |  | 29,019,153 | $29,738 |  | 74,840,147 | $132,975 |  | 23,664,027 | $49,392 |  | 99,229,883 | $89,247

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-6 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration